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Economics Past Questions

Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

4,545 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10

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Past Questions

4,545 questions

Question 1 of 20 4,545 total questions

Question 2261

jamb 1978

Which of the following is not a form of business organization

AA sole proprietorship

BCartel

CPartnership

DJoint stock

ECooperative society

View Explanation & Discuss

Question 2262

jamb 1978

Marginal cost is

ALowest cost of producing goods

BThe cost of production of the most efficient firm in the industry

CCost of production of the most inefficient firm in the industry

DThe cost of production of the last or extra unit of goods produced by a firm

EThe cost of production at which the minimum profit is obtained by a firm

View Explanation & Discuss

Question 2263

jamb 1978

Disposable income is the same thing as

Apersonal income minus personal savings

Bpersonal inome minus taxes

Cnational income minus depriciation

Dexports minus imports

Esavings plus investments

View Explanation & Discuss

Question 2264

jamb 1978

A distinguishing characteristics of a consumers' cooperative is the fact that

Athe customers are the owners

Bthe customers are the workers

Cthe customers are the managers

Dthe customers are low income people

Ethe customers are high income people

View Explanation & Discuss

Question 2265

jamb 1978

An increase in liquid reserve requirements by the central bank of Nigeria will result in

Aa reduction in commercial banks' excess reserves

Bmore commercial bank loan to members of the public

Can increase in commercial banks excess reserves

Dno change in commercial banks excess reserves

Ea reduction in central banks gold reserves

View Explanation & Discuss

Question 2266

jamb 1978

The biggest source of government revenue in Nigeria is

Amining, rents and royalties

Bcompany income tax

Cimport duties

Dexport duties

Epetroleum profit tax

View Explanation & Discuss

Question 2267

jamb 1978

The Lagos clearing house is

Aa commodity market

Ban import licensing centre

Canother name for the Lagos stock exchange

Dan insurance and underwriting centre

Ea cheque sorting centre

View Explanation & Discuss

Question 2268

jamb 1978

The largest liability appearing in the book of a commercial bank is

Acash

Bdeposits

Cloans and advances

Dcapital and reserves

Etreasury bills

View Explanation & Discuss

Question 2269

jamb 1978

Which of the following statements is true?

AA proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people

Btaxes on commodities of services which can be shifted elsewhere are usually called direct taxes

CThe sole proprietor is a legal entity

Dthe influence of demand on price will be smallest on the short run

Ethe cost of production is the most important determining factor of supply in the long run

View Explanation & Discuss

Question 2270

jamb 1978

A Tax which takes a higher percentage from higher incomes is called?

Aa regressive tax

Ba progressive tax

Ca proportional tax

Dan indirect tax

Ea direct tax

View Explanation & Discuss

Question 2271

jamb 1978

Which of the following can be regarded as a liability of a commercial bank?

Aadvances

Bdeposits

Ctreasury bills

Doverdrafts

Ecash

View Explanation & Discuss

Question 2272

jamb 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

Across-elasticity of demand

Belasticity of supply

Ccompetitive demand

Dcomposite demand

Ejoint demand

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Question 2273

jamb 1978

Which of the following financial assets consist the lowest rate of interest in Nigeria?

Acommercial bills

Bcall money

Ctreasury bills

Ddevelopment loan stocks

Edeposits with the federal savings bank

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Question 2274

jamb 1978

The foreign exchange market is a market where

Agraded commoditties like wheat, flour, etc are sold and bought

Bcurrencies are sold and bought

Ctreasury bills are sold and bought

Dgovernment bonds are sold and bought

Etreasury certificates are sold

View Explanation & Discuss

Question 2275

jamb 1978

Price control cannot work in Nigeria because

Athe population is too large

Bthe policemen hate to arrest people

Cwhile it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled

Dcontrol cannot work under military rule

Etoo many things are produced in the country

View Explanation & Discuss

Question 2276

jamb 1978

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

AIncreasing Marginal utility

BDiseconomies of scale

CIncreasing costs

DConstant returns to scale

EIncreasing returns to scale

View Explanation & Discuss

Question 2277

jamb 1978

Which is NOT a direct effort to increase Agricultural production in Nigeria?

AOperation feed the Nation

BNigerian Youth Service Corps

CIncreased loans to farmers and cooperatives

DResearch in Agric & Extension services

EMechanization of Agriculture

View Explanation & Discuss

Question 2278

jamb 1978

Which is an example of an invisible item in the trade Account of Ghana?

AExport of Cocoa from Ghana

BImport of oil from Nigeria

CA gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana

DPayment for shipping and insurance by a Ghanaian company to companies outside Ghana

ENone of the above

View Explanation & Discuss

Question 2279

jamb 1978

A commercial bank is unique in that it is the only institution that

Amakes loans to private people and businessmen

Baccept deposits

Ccan store peoples' valuables

Dcan transfer money from one place to another for its customers

Esaves money through the granting of credits

View Explanation & Discuss

Question 2280

jamb 1978

Malthus became famous through his theory which may be stated simply

Athe death rate may become so high that people may not be able to produce

Bpopulation may outgrow the means of subsistence

Cpeople will eventually decide not to have children

Dmigration of people from one place to another may leave some parts of the world barren

Eall of the above

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